Wells Fargo Leaves Stumpf’s 2013 Pay Unchanged

March 18 (Bloomberg) -- Wells Fargo & Co., which reported
more profit than any other U.S. bank in 2013, left Chief
Executive Officer John Stumpf’s annual compensation unchanged at
$19.3 million.

Stumpf, 60, received $2.8 million in salary for his work
last year, plus a $4 million bonus and $12.5 million in long-term equity incentive awards, the San Francisco-based bank said
today in a filing with the U.S. Securities and Exchange
Commission.

Wells Fargo shares rose 33 percent last year. While that
trailed the 35 percent advance for the KBW Bank Index, Wells
Fargo is the most valuable lender based on stock-market
valuation. Profit was $21.9 billion in 2013, the first time
Stumpf’s bank earned more than JPMorgan Chase & Co., the biggest
by assets in the U.S., which posted income of $17.9 billion.

The package makes Stumpf the third-highest paid CEO among
the five largest U.S. banks. Wells Fargo ranks fourth by assets
and is the biggest home lender. Goldman Sachs Group Inc. gave
Lloyd C. Blankfein $23 million, while JPMorgan’s Jamie Dimon got
$20 million. Morgan Stanley, the sixth-largest by assets, hasn’t
released complete 2013 figures for CEO James Gorman.

David Hoyt, head of Wells Fargo’s wholesale-banking unit,
received $11 million for his work, a raise of about 3.7 percent,
according to the filing. Tim Sloan, the chief financial officer,
David Carroll, head of wealth management, and Avid Modjtabai,
head of consumer lending, each was paid $8.8 million. Carrie
Tolstedt, who leads community banking, was awarded $8.7 million.

The packages for Sloan and Tolstedt were little changed
from last year, while Carroll and Modjtabai received raises of
about 4.6 percent.